The Russian oil price-cap mechanism is an arithmetic line: any seaborne Urals bought above $60 per barrel cannot use G7 shipping, insurance, or settlement. SNSUC's compliance script hard-codes that line. Orders with Iranian origin are auto-rejected; Iraqi origin is explicitly exempt — the two are never grouped as reject targets.

In practice, every Urals transshipment needs three documents: the load-port bill of lading, an independent price attestation, and an invoice chain that traces the true transaction price. The price attestation cannot be self-made; it must come from or an equivalent public assessment. The invoice chain must point straight to the end buyer — a broken link fails the check.

Iranian origin is an automatic reject, with no manual override. Iraq left the reject list in October 2026; grades like Basrah Light clear through the normal flow, but bill verification and third-party inspection remain mandatory. Back-to-back letter-of-credit structures draw close bank scrutiny; without proof of a closed fund-and-cargo loop the bank declines.

For the trading desk, the cost of this line is certain: a cleared deal must prove its fund-and-cargo consistency; a deal stuck on documents is declined, not forced through. We push the block to the quoting stage so there is no argument later.